If you’re not interested in owning a new copier outright, then leasing is a great option. But before you sign a lease, it’s essential that you understand what happens when it’s over and what to do before your lease ends. If the lease automatically renews, you could be left continuing to pay for a machine you no longer want. Let’s explore how a copier lease works and what happens when the term ends.
How Does a Copier Lease Work?
Just like when you lease a phone or a car, leasing a copier allows you to pay to use the machine over a period of time without actually owning the copier. You save on the upfront cost of a new copier by paying a fixed monthly fee.
Leasing agreements are usually very flexible, allowing you to choose a schedule that fits your budget. For instance, you can pay large installments over a shorter period of time (24 to 39 months), or you can pay smaller amounts for a longer term (48 to 63 months).
What Happens at the End of a Copier Lease?
Exactly what happens at the end of a copier lease will depend on your agreement with your dealer. But you can usually expect your dealer to require you to give notice before the lease ends that you wish to terminate the lease, trade in your copier, or take other action.
If you don’t give proper notice, then the lease might automatically extend for another month or another year depending on the agreement. It’s important to read the terms and conditions carefully before you sign a lease, so you’re aware of what the dealer’s end-of-lease policy entails.
Four Options Available When Your Copier Lease Ends
1: Extend the Lease
If you’re happy with your copier and its lease agreement, then you may wish to extend your current lease. Typically, you can extend or refinance the lease for a few more months, or even years.
However, keep in mind that frequently used copiers only last around five years. You may not want to extend the lease if you’ve already used the machine for several years.
2: Trade the Copier In
Holding on to an outdated copier can hinder productivity and even pose potential security risks. If your copier is showing any signs of wear, or if you want to choose a newer model, you should consider trading it in at the end of your lease. Just make sure to notify the dealer ahead of time that you want to upgrade to a newer model.
3: Return the Copier
If you’re unhappy with your lease or no longer need a copier, then you can let your dealer know that you don’t wish to renew. You’ll need to return the machine to the dealer, either by shipping it or bringing it directly to them.
Make sure you understand the terms of your lease, as ending the lease too soon can come with early termination fees. And ending it too late (by failing to give proper notice) will lead to an unwanted, extended lease.
4: Purchase the Copier
Instead of extending the lease, you can always purchase the copier so you own it yourself. Again, your dealer will need ample notice because purchasing the copier will end the lease.
If you do decide to purchase the copier, it’s a good idea to also sign a service and maintenance agreement so that you can still pay an affordable rate for repairs. These agreements typically include the cost of maintenance, parts, labor, and even supplies, such as toner.
Lease a Copier in Northern California or Reno, Nevada
Are you ready to lease a copier for your business? WiZiX Technology Group offers the latest models from all the top brands for lease or purchase. We provide flexible lease agreements that include ink, toner, paper, and maintenance together in one monthly fee. Call us at 866-846-1411 today to learn more or request a free quote.